Global Paytech Ventures Invests in PeachPay’s Superior One-Click Payment for Online Merchants
PeachPay, based in Ames, IA and Austin, TX, offers one-click payment for WooCommerce, the e-commerce platform for online merchants using WordPress websites.
MIAMI, January 27, 2022 /PRNewswire/ — Global Paytech Ventures (GPT) today announced its recent investment in FishingPay whose technology improves the customer checkout experience and helps merchants overcome cart abandonment.
PeachPay’s one-click checkout experience helps online merchants reduce cart abandonment.
Cart abandonment is a significant issue for e-commerce businesses. According to the Baymard Institute, the average cart abandonment rate is around 69%. PeachPay aims to significantly reduce this problem by providing shoppers with a frictionless one-click checkout experience.
For new users, the PeachPay plugin generates a simple payment form for one-time use only. The next time shoppers come across PeachPay, no matter which WooCommerce site they are on, they can shop with just one click.
“GPT is excited to invest in PeachPay as they deliver a cutting-edge, best-in-class user experience. Additionally, there is tremendous value in their ability to scale through WordPress,” said Javier Perez, founder and managing partner of GPT.
PeachPay was launched in January 2021 and in April, the startup signed a partnership with WooCommerce, the e-commerce provider for WordPress sites. Both WooCommerce and WordPress.com are owned by Automattic, estimated at $7.5 billion in 2021.
“We’re starting with WooCommerce not just because it’s the biggest e-commerce platform by market share, but because we’ve been part of the community for years and there’s [close] alignment between our mission and the mission of the WooCommerce team [to democratize commerce]“said Aaryaman Anerao, CEO of PeachPay.
Anerao added, “It’s really important to us to get it right, and we want to get to a point where installing PeachPay is a no-brainer for every WooCommerce store owner.”
Businesses interested in implementing PeachPay can register at https://peachpay.app/get
PeachPay was co-founded by Chief Growth Officer David Mainayer, CEO Aaryaman Anerao and CTO John Jago. After a tedious checkout experience on a small retailer’s new online store and further e-commerce research, the team identified a common problem: manual entry of payment and shipping details at checkout was one of the main reasons shoppers didn’t complete their purchases.
“We landed on something we can execute and something we’re actually well qualified for, which targeted WooCommerce stores with a one-click checkout solution,” Mainayar said.
Already live with over 400 merchants, Peachpay’s integration with WooCommerce will allow their technology to reach millions of potential merchant customers.
Mainayar believes the PeachPay team is in the right place at the right time – “It’s time for something new, and it’s time for something simpler,” Mainayar said. “And it’s been a long time, frankly.”
On Global Paytech Ventures (GPT)
Global Paytech Ventures (GPT) is a venture capital firm that invests in early-stage paytech companies seeking to raise seed, Series A or Series B funding. GPT is led by Javier Perez and his sons, Daniel Perez and Kristofer Perez — each have extensive expertise in the payments industry. GPT was founded by Javier Perez, who spent 25 years at Mastercard, including 15 years as President of Mastercard Europe. Under Perez’s leadership, Mastercard Europe has been recognized as the innovation leader in payment technology. GPT helps payment technology companies succeed globally through their unparalleled expertise in the payment technology ecosystem and comprehensive network of industry contacts.
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SOURCE Global PayTech Ventures